Особенности функционирования инвестиционного механизма финансирования инновационной экономики в России
The author describes the main peculiarities of the functioning of the investment mechanism’s of the innovative economy in Russia. The author analyses the following factors that determinate the functioning of this mechanism: macroeconomic and institutional environment. In the result, the author concludes that these factors considerably affect the investment and innovation activity in the Russian economy.
This work is an attempt to explain an enigma of the Russian economy's debarterization which took place in the beginning of the XXI century in the context of institutional-and-macroeconomic analysis of the structure of payments' system. This system is treated as the important part of an institutional environment. Debarterization is explained by a combination of long economic expansion, increasing «money supply/GDP» ratio and growing credit activity of the banks, and also administrative and tax pressing of the government. Nevertheless, the Russian payments' system is basically different from the Western one. The main measured differences are low «money supply/GDP» ratio, high «cash money/total money supply» ratio, an absence of M3 and M4 aggregates. The main causes of this underdevelopment of the payments' system are ineffective enforcement of the contracts by the state, high administrative barriers to entry, a lack of mutual trust, big shadow sector. The main consequences are narrow possibilities for financing both expensive (and long-lived) investment projects and innovative activity.
The paper analyzes the classical and neoclassical assumptions concerning the effect of the natural and the institutional environments on the comparative welfare of various countries. The distinction is considered between the preindustrial and industrial societies as to their natural and institutional conditions.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.